NOVEMBER 3, 2017/ BY
Hologic (NSDQ:HOLX) said this week its current prez and CEO Stephen MacMillan will stay on with the company, resolving rumors that he may depart it to take up the corner office at Zimmer Biomet (NYSE:ZBH).
In an SEC filing, the Marlborough, Mass.-based company’s board said it approved a special “performance-based retention equity grant” to MacMillan after he had begun to receive interest from other medical device firms.
“Mr. MacMillan has led a dramatic turnaround of Hologic since joining in December 2013. The company’s performance has increased significantly under his leadership and he personally has recruited a large number of leaders to the company. In light of his long track record of success, other larger medical device companies have expressed interest over time in retaining him to serve as chief executive officer. Mr. MacMillan recently received such an offer from a large medical device company. The independent members of the company’s board of directors considered the potential for disruption to Hologic and its business should Mr. MacMillan leave, and determined that it was in the best interests of Hologic and its stockholders to retain him as chairman, president and chief executive officer. Accordingly, the independent members of the board, after careful consideration and discussions with Mr. MacMillan and the compensation committee’s compensation consultant, awarded him a special retention equity grant, all of which is performance-based. He has formally declined the other more substantial offer, reaffirmed his full commitment to Hologic, and will remain as chairman, president and chief executive officer of Hologic,” the company wrote in an SEC filing.